NASDAQ : BZAI
Blaize Holdings, Inc. — Financial statements
Technology · Software - Application · United States
Last price 0.2025 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 29.33M
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Financial statements
Blaize Holdings, Inc. (BZAI) reported revenue of 50.37M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Operating Revenue | 50.37M | 38.63M | 1.55M | 3.86M | 3.59M |
| Other Revenue | 254.00K | ||||
| Revenue | 50.37M | 38.63M | 1.55M | 3.86M | 3.84M |
| Cost of Revenue | 43.54M | 32.44M | 579.00K | 3.66M | 3.04M |
| Gross Profit | 6.83M | 6.19M | 975.00K | 200.00K | 806.00K |
| Selling, General & Admin | 63.85M | 54.27M | 22.41M | 17.30M | 15.66M |
| Research & Development | 39.95M | 42.52M | 25.09M | 18.11M | 24.30M |
| Other Operating Expenses | 1.17M | 5.04M | |||
| Operating Expenses | 104.75M | 97.99M | 48.39M | 38.62M | 47.76M |
| Operating Income | -97.92M | -91.80M | -47.42M | -38.42M | -46.95M |
| Interest Expense | -38.98M | -1.18M | |||
| Currency Exchange Gain (Loss) | 50.00K | -145.00K | |||
| Other Non Operating Income (Expenses) | 7.55M | 6.33M | 1.21M | -360.00K | -59.07M |
| EBT Excluding Unusual Items | -90.37M | -85.47M | -46.21M | -77.71M | -107.36M |
| Merger & Restructuring Charges | -8.00K | -12.04M | -217.00K | ||
| Gain (Loss) on Sale of Investments | -238.00K | -238.00K | -945.00K | 2.69M | |
| Other Unusual Items | 9.98M | -108.94M | -15.72M | -9.53M | 573.00K |
| Pretax Income | -80.63M | -206.69M | -62.15M | -88.19M | -104.10M |
| Income Tax Expense | 383.00K | 217.00K | -952.00K | -598.00K | 534.00K |
| Net Income | -81.02M | -206.90M | -61.20M | -87.59M | -104.63M |
| Preferred Dividends & Other Adjustments | 1.82M | ||||
| Net Income to Common | -81.02M | -206.90M | -61.20M | -87.59M | -106.45M |
| Shares Outstanding (Basic) | 119.40M | 104.28M | 17.48M | 4.21M | 1.45M |
| Shares Outstanding (Diluted) | 119.40M | 104.28M | 17.48M | 4.21M | 1.45M |
| EPS (Basic) | -0.68 | -1.98 | -3.50 | -20.79 | -73.67 |
| EPS (Diluted) | -0.68 | -1.98 | -3.50 | -20.79 | -73.67 |
| Free Cash Flow | -83.42M | -74.54M | -54.43M | -28.18M | -40.72M |
| Free Cash Flow Per Share | -0.70 | -0.71 | -3.12 | -6.69 | -28.18 |
| Gross Margin | 13.56% | 16.03% | 62.74% | 5.19% | 20.98% |
| Operating Margin | -194.42% | -237.62% | -3,051.35% | -996.45% | -1,222.47% |
| Profit Margin | -160.85% | -535.58% | -3,937.90% | -2,271.50% | -2,771.54% |
| Free Cash Flow Margin | -165.63% | -192.95% | -3,502.83% | -730.68% | -1,060.01% |
| EBITDA | -96.97M | -90.60M | -46.53M | -36.38M | -44.20M |
| EBITDA Margin | -192.53% | -234.53% | |||
| D&A For EBITDA | 953.00K | 1.20M | 886.00K | 2.04M | 2.75M |
| EBIT | -97.92M | -91.80M | -47.42M | -38.42M | -46.95M |
| EBIT Margin | -194.42% | -237.62% | |||
| Revenue as Reported | 50.37M | 38.63M | 1.55M | 3.86M | 3.84M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 36.85M | 45.78M | 50.24M | 3.21M | 4.91M |
| Cash & Short-Term Investments | 36.85M | 45.78M | 50.24M | 3.21M | 4.91M |
| Accounts Receivable | 13.86M | 36.69M | 478.00K | 1.90M | |
| Other Receivables | 433.00K | 60.00K | 441.00K | 210.00K | |
| Receivables | 13.86M | 37.13M | 60.00K | 919.00K | 2.11M |
| Inventory | 10.03M | 10.13M | 8.56M | 6.52M | 4.34M |
| Prepaid Expenses | 12.86M | 673.00K | 751.00K | 83.00K | 137.00K |
| Other Current Assets | 392.00K | 2.90M | 12.06M | 2.31M | 1.17M |
| Total Current Assets | 73.98M | 96.61M | 71.67M | 13.05M | 12.66M |
| Property, Plant & Equipment | 1.40M | 2.74M | 3.85M | 3.98M | 5.05M |
| Long-Term Deferred Tax Assets | 2.04M | 2.12M | 2.16M | 1.03M | 926.00K |
| Other Long-Term Assets | 2.09M | 739.00K | 815.00K | 579.00K | 643.00K |
| Total Assets | 79.51M | 102.21M | 78.50M | 18.64M | 19.28M |
| Accounts Payable | 7.16M | 31.36M | 7.90M | 14.93M | 8.72M |
| Accrued Expenses | 9.99M | 5.95M | 10.32M | 4.55M | 2.42M |
| Short-Term Debt | 1.50M | 4.75M | |||
| Current Portion of Long-Term Debt | 148.63M | 14.64M | |||
| Current Portion of Leases | 644.00K | 578.00K | 569.00K | 886.00K | |
| Current Income Taxes Payable | 319.00K | 88.00K | 1.00K | 591.00K | |
| Current Unearned Revenue | 733.00K | 730.00K | |||
| Other Current Liabilities | 2.76M | 3.62M | 18.60M | 7.70M | 6.87M |
| Total Current Liabilities | 19.90M | 43.39M | 186.12M | 47.88M | 20.22M |
| Long-Term Debt | 18.06M | 3.14M | |||
| Long-Term Leases | 804.00K | 1.17M | 1.79M | 781.00K | |
| Long-Term Unearned Revenue | 367.00K | 1.10M | |||
| Other Long-Term Liabilities | 16.82M | 19.02M | 1.67M | 3.75M | 553.00K |
| Total Liabilities | 36.72M | 63.21M | 188.96M | 71.85M | 25.80M |
| Common Stock | 14.00K | 12.00K | 5.00K | ||
| Additional Paid-In Capital | 729.90M | 675.14M | 318.78M | 141.50M | 209.93M |
| Retained Earnings | -687.62M | -636.15M | -429.25M | -368.06M | -280.47M |
| Total Common Equity | 42.79M | 39.00M | -110.46M | -226.56M | -70.54M |
| Shareholders' Equity | 42.79M | 39.00M | -110.46M | -53.21M | -6.52M |
| Total Liabilities & Equity | 79.51M | 102.21M | 78.50M | 18.64M | 19.28M |
| Total Debt | 2.95M | 150.37M | 39.81M | 4.81M | |
| Net Cash (Debt) | 36.85M | 42.83M | -100.14M | -36.60M | 107.00K |
| Net Cash Per Share | 0.31 | 0.41 | -5.73 | -8.69 | 0.07 |
| Filing Date Shares Outstanding | 144.83M | 122.74M | 101.68M | 17.33M | 1.45M |
| Total Common Shares Outstanding | 142.78M | 122.04M | 17.40M | 17.33M | 1.45M |
| Working Capital | 54.08M | 53.22M | -114.45M | -34.83M | -7.56M |
| Book Value Per Share | 0.30 | 0.32 | -6.35 | -13.07 | -48.81 |
| Tangible Book Value | 42.79M | 39.00M | -110.46M | -226.56M | -70.54M |
| Tangible Book Value Per Share | 0.30 | 0.32 | -6.35 | -13.07 | -48.81 |
| Machinery | 12.05M | 12.73M | 13.48M | 13.31M | |
| Leasehold Improvements | 1.25M | 1.27M | 1.59M | 1.61M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | -81.02M | -206.90M | -61.20M | -87.59M | -104.63M |
| Depreciation & Amortization | 953.00K | 1.20M | 886.00K | 2.04M | 2.75M |
| Other Amortization | 464.00K | 3.15M | |||
| Stock-Based Compensation | 37.55M | 37.55M | 3.85M | 2.48M | 1.25M |
| Provision & Write-off of Bad Debts | 557.00K | 557.00K | 420.00K | 421.00K | |
| Other Operating Activities | -26.57M | 108.00M | 15.25M | 48.16M | 58.49M |
| Change in Accounts Receivable | -37.20M | -37.20M | 3.00K | 1.00M | -1.89M |
| Change in Inventory | -1.57M | -1.57M | -2.04M | -2.19M | -910.00K |
| Change in Accounts Payable | 23.35M | 23.35M | 9.50M | 4.42M | |
| Change in Income Taxes | -590.00K | 203.00K | |||
| Change in Other Net Operating Assets | 1.27M | 1.27M | -11.17M | -4.34M | 89.00K |
| Operating Cash Flow | -82.67M | -73.75M | -53.53M | -27.95M | -40.22M |
| Capital Expenditures | -746.00K | -788.00K | -902.00K | -220.00K | -493.00K |
| Investing Cash Flow | -746.00K | -788.00K | -902.00K | -220.00K | -493.00K |
| Short-Term Debt Issued | 4.92M | ||||
| Long-Term Debt Issued | 110.72M | 21.73M | 33.77M | ||
| Total Debt Issued | 110.72M | 26.65M | 33.77M | ||
| Short-Term Debt Repaid | -114.00K | -4.75M | -176.00K | ||
| Total Debt Repaid | -357.00K | -114.00K | -4.75M | -176.00K | |
| Net Debt Issued (Repaid) | -357.00K | -114.00K | 105.97M | 26.47M | 33.77M |
| Issuance of Common Stock | 94.77M | 61.50M | 98.00K | 1.00K | 128.00K |
| Other Financing Activities | -3.06M | 8.72M | -4.36M | -76.00K | |
| Financing Cash Flow | 91.30M | 70.10M | 101.71M | 26.48M | 39.09M |
| Net Cash Flow | 8.25M | -4.44M | 47.27M | -1.70M | -1.63M |
| Free Cash Flow | -83.42M | -74.54M | -54.43M | -28.18M | -40.72M |
| Free Cash Flow Margin | -165.63% | -192.95% | -3,502.83% | -730.68% | -1,060.01% |
| Free Cash Flow Per Share | -0.70 | -0.71 | -3.12 | -6.69 | -28.18 |
| Levered Free Cash Flow | -60.43M | -44.48M | -27.94M | -34.44M | |
| Unlevered Free Cash Flow | -60.43M | -44.48M | -28.40M | -13.22M | |
| Cash Interest Paid | 245.00K | 3.00K | |||
| Cash Income Tax Paid | 337.00K | 337.00K | 223.00K | 454.00K | |
| Change in Working Capital | -14.14M | -14.14M | -13.20M | 3.38M | 1.92M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 28.33M | 216.43M | 227.44M | 162.70M | 402.00M |
| Enterprise Value | -8.52M | 195.55M | 498.64M | ||
| Last Close Price | 0.20 | 1.95 | 15.00 | 10.73 | 10.16 |
| PS Ratio | 0.56 | 5.60 | 146.36 | 42.19 | 104.66 |
| PB Ratio | 0.65 | 5.55 | -2.06 | -3.06 | -61.67 |
| P/TBV Ratio | 0.66 | 5.55 | |||
| EV/Sales Ratio | 5.06 | 320.87 | |||
| Debt / Equity Ratio | 0.08 | -1.36 | -0.75 | -0.74 | |
| Net Debt / Equity Ratio | -0.86 | -1.10 | -0.91 | -0.69 | 0.02 |
| Net Debt / EBITDA Ratio | 0.38 | 0.47 | -2.15 | -1.01 | 0.00 |
| Net Debt / FCF Ratio | 0.44 | 0.57 | -1.84 | -1.30 | 0.00 |
| Asset Turnover | 0.76 | 0.43 | 0.03 | 0.20 | |
| Inventory Turnover | 4.77 | 3.47 | 0.08 | 0.67 | |
| Quick Ratio | 2.55 | 1.91 | 0.27 | 0.09 | 0.35 |
| Current Ratio | 3.72 | 2.23 | 0.39 | 0.27 | 0.63 |
| Return on Assets (ROA) | -91.80% | -63.50% | -61.02% | -126.67% | |
| Return on Capital Employed (ROCE) | -164.30% | -156.10% | 44.10% | 131.40% | 4,963.50% |
| Earnings Yield | -346.89% | -95.60% | -26.91% | -53.84% | -26.03% |
| FCF Yield | -294.47% | -34.44% | -23.93% | -17.32% | -10.13% |
| Buyback Yield / Dilution | -99.49% | -496.67% | -314.79% | -191.56% |